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Saturday, January 22, 2022

McLaren Group denies buyout rumors

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The McLaren Group denied rumors of an Audi takeover.

In car The report released this morning said the McLaren Group, which includes the marque’s automotive and racing divisions, had been bought by Audi.

The report indicated car source, who said the deal would give the Volkswagen Group a direct line in Formula 1.

The initial report stated that McLaren had initially rejected the Volkswagen Group’s progress, before the two companies reached an agreement.

The McLaren Applied Technologies division responsible for developing electrified thruster technology was sold to investors in April 2021 and would not be included in any potential deal.

McLaren has since released an official statement stating that car report was “totally inaccurate”.

“McLaren’s technology strategy has always involved ongoing discussions and collaborations with relevant partners and suppliers, including other automakers, however, there has been no change in the ownership structure of the McLaren Group,” the statement read.

Audi isn’t the only German marque that has recently been linked to McLaren; a report from Car week he said BMW is also considering acquiring the British supercar specialist.

McLaren’s recent financial struggles have been widely reported.

It was “severely affected” by the COVID-19 pandemic, forcing it to cut 1,200 jobs in May 2020. It subsequently led to legal action against a group of creditors so that the McLaren Technology Center and its collection of assets can be used as collateral to raise additional funding.

A stake in the McLaren Racing division was sold to US sports investment firm MSP Sports Capital in December 2020, and in April 2021 the brand sold and relocated its Woking headquarters.

The McLaren Group released more cash in July 2021 by raising funds from existing investors (including Saudi Arabia’s sovereign wealth fund) and issuing bonds.

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